While the use of Markov chains — a statistical framework to decipher the probability of one event transitioning to another — in finance is not a novel concept, it’s not deployed effectively. In my ...

This article presents a method for generating samples from an unnormalized posterior distribution f(·) using Markov chain Monte Carlo (MCMC) in which the evaluation of f(·) is very difficult or ...

There is an increasing use of Markov chain Monte Carlo (MCMC) algorithms for fitting statistical models in psychometrics, especially in situations where the traditional estimation techniques are very ...